refi/heloc - Posted by steve

Posted by John Corey on May 19, 2006 at 19:55:10:

The credit score is screaming out that you have a problem somewhere.

Most lenders will have a very hard time with the proposed transaction. Some might do it if a lot of the past problems were cleared up. Expect that any such loan could be very costly so you might not net that much after closing costs.

Can you afford to wait 6-12 months and get the score up? Even if you have to take a second job to get the cash to pay some bills, etc?

What about selling and using the proceeds of the sale to pay off bills, etc.? Then rebuild after you are on more solid ground.

John Corey

refi/heloc - Posted by steve

Posted by steve on May 19, 2006 at 18:46:31:

bougth home 1993 @55k,Appr @110k today,owe 46k,credit score
500 fico,would it be hard to refi or heloc @85k.live in georgia

Re: refi/heloc - Posted by steve

Posted by steve on May 19, 2006 at 20:03:18:

sorry,fico 600,past credit issues,hvnt used credit since 1997.Havt to move to florida for son,but dont want to sell house.property is appr. @ 12% yr here.have offer for 3yr lease option.